Since the end of Labor Day, there will also be discussions on interest rate assumptions that will not move

After Labor Day, summer vacation is over, and Western investors return to the market. Compared to before summer vacation, it has become quite clear that the Fed's interest rate hike is one more time, and the terminal rate is 5.5-5.75%. Also, even if the ECB raises interest rates in September, there is a growing possibility that it will be the last rate hike. Even if interest rate hikes in Europe and the US end this year, interest rate cuts next year are unlikely. In the future, the market will change from discussions about whether interest rates will be raised or not to discussions based on the assumption of interest rates that do not move.